Softer Home Sales Start the New Year

Softer Home Sales Start the New Year

Like last year, 2015 home sales are starting the year at a slower pace. January home sales were 3.9 percent lower than sales in January 2014. Last year, sales improved dramatically during the spring and summer months and three of the last four months of 2014 recorded higher sales than one year earlier.

“One month certainly doesn’t make a trend. As we saw last year, home sales started rather slow, but rebounded during the prime selling months. In fact, 2014 ended with a respectable 4.9 million sales of existing homes, which we believe represents a sustainable rate of growth. So, we still need a few more months of data to tell how this market will perform in 2015.”Dave Liniger, RE/MAX, LLC CEO, Chairman and Co-Founder

With a constrained inventory, the January Median Price rose by 11.2 percent over last January. And the inventory of homes for sale was 10.9% lower than one year ago. At the current rate of sales, the corresponding Months’ Supply of inventory fell slightly to 5.2 on a scale where 6.0 indicates a market balanced equally between buyers and sellers. To read the full National Housing Report from RE/MAX, click here.

If you or someone you know is interested in learning more about the value of homes in our market, please contact me today. Nate